SYDNEY, Australia -- Ten Group Pty. Ltd. said Tuesday that first-quarter pretax profit dropped sharply, due to exclusive coverage of the Sydney 2000 Olympic Games by rival Seven Network Ltd.

In the quarter ended Nov. 25, Ten Group's pretax profit fell 21% from the year earlier period to 52.6 million Australian dollars (US$28.7 million). The company, one of Australia's three commercial television broadcasters, attributed about A$11 million of the near A$14 million drop in earnings before interest and tax to not having broadcast...